Stock Market Live updates on Tuesday, August 6, 2024: Indian equities are likely to open on a positive note on Tuesday tracking positive sentiment in Asian peers. The GIFT Nifty futures also indicated a gap-up start, quoting 227 points higher than Nifty50 futures at 24,329 levels.
Markets in Asia-Pacific saw a big revival with Japan’s markets leading the advances in the region. The Nikkei 225 soared 9.87 per cent and broad based Topix surged 9.95 per cent. Japan’s stocks recovered sharply after the Nikkei 225 and Topix had plunged more than 12 per cent in the previous session.
The revival comes amidst Japan’s June household spending falling more than expected, dropping 1.4 per cent year-over-year in real terms. Meanwhile, the average monthly income per household increased by 3.1 per cent in real terms from the previous year. This larger-than-anticipated decline in spending could dent the BOJ’s plans to raise interest rates.
Furthermore, Australia’s S&P/ASX 200 was also up by 0.65 per cent, with South Korea’s Kospi climbing 4.92 per cent and the Kosdaq advancing 6.60 per cent. Meanwhile, Hong Kong’s Hang Seng index, too, traded in green and edged up by 1.09 per cent.
Overnight in the US, the 30-stock Dow and the S&P 500 experienced their worst sessions since September 2022. The Dow closed 2.6 per cent lower, while the S&P 500 dropped 3 per cent. The Nasdaq Composite declined 3.43 per cent.
However, the S&P 500 futures rebounded in overnight trading following the broad index’s worst day in nearly two years – signalling a revival for US markets in the upcoming session. Futures for the S&P 500 increased by 0.9 per cent, Nasdaq 100 futures surged 1.3 per cent, and Dow Jones Industrial Average futures climbed 0.6 per cent.
Stocks to watch
Bharti Airtel: The company reported a significant 100.8 per cent increase in profit for Q1, reaching Rs 4,160 crore compared to Rs 2,071.6 crore the previous year. Revenue grew by 2.4 per cent to Rs 38,506.4 crore, up from Rs 37,599.1 crore, while Ebitda rose 1.8 per cent to Rs 19,944.2 crore from Rs 19,590.5 crore. The Ebitda margin slightly decreased to 51.8 per cent from 52.1 per cent. ARPU increased to Rs 211, up from Rs 209, and the company reported exceptional gains of Rs 735 crore, a turnaround from the exceptional loss of Rs 2,455.5 crore last year.
Motherson Sumi Wiring India: The auto components firm saw its profit rise by 20.9 per cent to Rs 148.9 crore, up from Rs 123.1 crore, with revenue growing 16.7 per cent to Rs 2,184.8 crore from Rs 1,871.8 crore.
Tata Chemicals: The firm saw a sharp decline in consolidated profit, dropping 67.6 per cent to Rs 190 crore from Rs 587 crore. Revenue also fell by 10.2 per cent to Rs 3,789 crore, down from Rs 4,218 crore.
